AI VP Nominations, Loan Buybacks, and More
In this issue:
- AI 2026 VP Nominee: Byron Miller, SRA, AI-RRS, is the sole nominee after no additional nominations were submitted
- AI 2025 VP Position: The Appraisal Institute NNC has received multiple self and third-party nominations to fill the recently vacated Vice President seat
- AirDNA Exclusive Benefit: AI members receive discounted access to AirDNA’s Rentalizer to help you accurately assess the short-term rental income potential of residential properties
- Collateral Concerns and Loan Buybacks: Fannie Mae reveals that collateral and appraisal-related issues continue to be a significant driver of loan repurchase requests
Association Updates
2025 VP Position to be Filled
The Appraisal Institute National Nominating Committee (NNC) has received multiple self and third-party nominations to fill the recently vacated Vice President seat. The NNC will confirm candidates want to proceed, and standard background checks will be conducted.
Confirmed candidates will have 45 days to answer a questionnaire consisting of 10 questions developed by the NNC followed by the completion of a background check. Once the candidates are deemed eligible, the names will be posted on the AI website along with their pictures and biographies for a 30-day comment period for members to review and submit written input.
On Sept. 29 and 30, the NNC will interview candidates and nominate one to two people to the Board of Directors. A 30-day period after the submission of the nomination is given to allow a petition for additional nominations to be considered by the Board.
This process is expected to be complete by November when the person will complete the 2025 Vice President term and become President Elect as of Jan. 1, 2026.
2026 Vice President Election to Feature Single Candidate
The Appraisal Institute’s 2026 Vice President election will feature one nominee—Byron Miller, SRA, AI-RRS —as no additional nominations by petition were submitted within the required timeframe. The Board of Directors will elect the 2026 Vice President, and Miller would take office as of Jan 1, 2026.
Notably, when an individual not currently serving on the Board is elected Vice President, they are seated as a non-voting member of the Board for the remainder of the year.
For more information on the election process, visit the Appraisal Institute Bylaws and Regulations.
Task Force Kicks Off Work to Review Policies, Procedures and Protocols
The Appraisal Institute task force composed of five non-officer Directors has begun its work in an effort to help ensure a safe and respectful environment for all staff and members. The group will be reviewing associated policies, procedures and protocols and then will consider what recommendations it might make. The task force is currently reviewing options for outside counsel who will work alongside it.
Once the task force hires outside counsel, they will coordinate and supervise work to clarify best practices; consider existing approaches; and identify and address any gaps. The task force consists of the following members: Donald S. Boucher, Sr., SRA, Cesar Servando Cantu Martinez, MAI, SRA, AI-GRS, Mario A. Caro, MAI, AI-GRS, Sharon B. Harbin, MAI, SRA, AI-GRS, and Tina A. Mindemann, SRA, AI-RRS. The task force and outside counsel are expected to present recommendations to the Board of Directors in November, according to task force Chair Donald S. Boucher, Sr., SRA.
Save the Date – Annual Meeting
The Annual Meeting of the Appraisal Institute membership will take place virtually on August 19, 2025. The meeting will commence at approximately 2:00 p.m. CT and run until all business is concluded. The purpose of this meeting is to discuss the state of affairs of the Appraisal Institute. Information on how to join the meeting will be forthcoming. The meeting will be conducted at the same time as the third regular Board Meeting Recap and Q&A.
Insights
Collateral Concerns Still Driving Loan Buybacks: Little Change in a Decade
Fannie Mae’s newly released Single-Family Loan Acquisition and Repurchase Trend Report for Q1 2025 reveals that collateral and appraisal-related issues continue to be a significant driver of loan repurchase requests—with little improvement over the past ten years.
Between 17% and 24% of closed repurchase requests this past quarter were tied to appraisal and collateral concerns, nearly identical to levels reported a decade ago. Common issues included inappropriate comparable sale selection due to location, inadequate adjustment support, and properties deemed ineligible based on safety, soundness, or structural integrity.
Four of the top ten findings in Q4 2024 stemmed from discrepancies between appraisal reports and Fannie Mae’s internal data—particularly related to distance, square footage, and acreage. While these did not create immediate eligibility issues, they raised ongoing concerns about report accuracy and data reliability.
Additional repurchase drivers included incomplete banking documentation and liability miscalculations such as omitted property taxes or HOA dues. Yet, collateral issues consistently remain among the top reasons for repurchase—suggesting that some lenders are still falling short in addressing basic appraisal quality concerns at the source.
Foundational improvements must include stronger quality controls and engagement of (such as SRA Designated Members of the Appraisal Institute) with demonstrated competency in their markets and property types. As appraisal modernization initiatives continue, this data underscores the need to reinforce, not overlook, core principles of sound valuation practice.
Your Benefits
Unlock Powerful Short-Term Rental Insights with AirDNA – Exclusive for AI Members
As a member of the Appraisal Institute, you receive discounted access to AirDNA’s Rentalizer—a powerful tool designed to help you accurately assess the short-term rental income potential of residential properties.
By entering an address and key property details, Rentalizer delivers real-time projections for average daily rates, occupancy rates, and annual revenue, using data from comparable Airbnb and Vrbo listings. This supports more robust income approach valuations and allows you to evaluate the viability of short-term versus traditional rental models.
To see the tool in action, check out this demo video or explore the full capabilities in AirDNA’s Rentalizer Guide.
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Understanding FEMA’s 50% Rule – What Appraisers and Assessors Need to Know
July 17 | 12:00 p.m. ET
The Appraisal Institute and the International Association of Assessing Officers (IAAO) are cohosting a timely webinar on FEMA’s 50 Percent Rule—a key provision that affects property redevelopment in the wake of major disasters.
This session is designed to raise awareness among professional appraisers and assessors about how FEMA defines “substantial improvement” and “substantial damage” and how those determinations impact rebuilding in Special Flood Hazard Areas. Attendees will gain insight into valuation methodologies used in the process, the role of local officials, and how appraisal and assessment professionals can contribute to sound, compliant recovery efforts.
Panelists:
- Ray Carroll, MAI, SRA, CFM, Carroll & Carroll Appraisers and Consultants
- Mike Twitty, MAI, Pinellas County Property Appraiser (FL Assessor)
- Moderator: Michael Acquaro-Mignogna, MAI, SRA, AI-GRS, Appraisal Institute President-Elect
Around AI
Appraisal Insitute chapters have been busy across the country! Thank you to everyone who has submitted photos and videos of their meetings, outings, and volunteer work. Want to be featured on social media and marketing? Send your content here.
AI member David Sangree, MAI, shared this with us:
Hotel & Leisure Advisors held a staff retreat with guest speakers, including Jason Sorci and Justin Nagel with ADCI and Scott Yaeger with Radius Hospitality. They provided an overview of their roles in the hospitality industry and how H&LA reports are used by clients. We had a great seminar with all of our remote and office staff participating.
Advocacy Updates
*Rewards cannot be earned or redeemed on Lenovo Managed services, Deployment services, or Software Subscriptions. Monthly giveaway not eligible for Quebec.
The Senate Finance Committee this week released its version of the reconciliation bill, outlining a sweeping tax and budget package that includes key provisions affecting real estate finance, valuation, and land use. The legislation mirrors many aspects of the House-passed package but features notable differences in tax treatment and a new proposal for the disposition of federal lands.
Among the tax-related items:
- The Senate bill preserves the 20% Section 199A passthrough deduction and expands income thresholds to $75,000 for individuals and $150,000 for joint filers. The House version would raise the deduction to 23%.
- It incorporates provisions from the Access to Credit for our Rural Economy (ACRE) Act, permitting banks to exclude 25% of interest income from certain real estate loans without a sunset date.
- The bill would permanently extend the Low-Income Housing Tax Credit ceiling beginning in 2026, reduce the bond-financing threshold to 25%, and reestablish the New Markets Tax Credit.
- Estate and gift tax exemptions would increase to an inflation-adjusted $15 million beginning in 2026.
The Senate bill also introduces a provision requiring the U.S. Forest Service and Bureau of Land Management to dispose of 0.5% to 0.75% of their land holdings over five years, potentially impacting more than 3 million acres across 11 Western states. The proposal aims to raise federal revenue and make land available for development, but it has drawn scrutiny over which parcels could be sold and how those sales would be executed.
While it is unclear what existing federal property disposal provisions may apply, any land sales would typically require fair market value determinations that reflect the actual property rights being conveyed. As with many large-scale federal initiatives, much will depend on how the legislation is implemented—including how land is selected, how valuation requirements are applied, and how restrictions on future use are structured. Appraisers, lenders, and developers will want to track developments closely as reconciliation negotiations continue.
The reconciliation bill is still under consideration and would require agreement between the House and Senate before advancing to the President. Appraisers, lenders, developers, and public agencies will want to track these developments closely as potential changes in federal land management and tax law continue to take shape.
Appraisal Subcommittee Holds First Meeting of 2025
On Wednesday, The Appraisal Subcommittee (ASC) held its first meeting with Acting Director and General Counsel Matt Ponzer, and the first since November 2024. Despite operating with 30% fewer staff, the ASC reported significant progress, “including a 68% improvement in the speed of state compliance reviews”, now averaging just 47 days, well below the 90, day target.
Ponzar noted one of their key directives is to streamline operations, and in doing so, the ASC has achieved “$1 million in cost savings to date, with additional efficiency measures underway”. The ASC also emphasized its efforts to strengthen collaboration with states, including the launch of quarterly calls with state regulators and ongoing coordination with The Appraisal Foundation.
Real Estate Horizons
Stay updated and check out links to the latest major real estate industry stories!
More Opportunities to Learn
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Your Community
It’s not too late! Submit your 2026 volunteer interest NOW!
There’s still time to make an impact! If you’d like to be considered for a seat on a 2026 Appraisal Institute Committee, don’t forget to complete the Leadership Resource Registry (LRR) by August 31, 2025 — even if you’re currently serving and your term ends this year.
- Step 1: Log in and click “+ Add Volunteer Selections” to indicate where you’d like to serve (National, Region, or Chapter).
- Step 2: Highlight your strengths using the “Additional Information” section.
- Step 3: Update your member profile, including demographic details, to help us build diverse and well-rounded leadership teams.
Let us know where you want to serve and how you can best contribute to the future of AI.
Appraisal Now will return on July 11 following the holiday.
We hope you have a lovely and safe 4th of July,
Team Appraisal Institute
